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Old January 15th, 2009, 02:42 PM
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Red face 1 more victim: Black Angus Steakhouse Operator Files Bankruptcy

One more victim of the economic downturn.
Quote:
Black Angus Steakhouse Operator Files Bankruptcy

By Bob Van Voris

Jan. 15 (Bloomberg) -- ARG Enterprises Inc., the operator of 69 Black Angus Steakhouse restaurants in seven states in the western U.S., sought bankruptcy protection and said it is seeking a buyer.

Closely held ARG, with headquarters in Los Altos, California, said in today’s Chapter 11 filing in U.S. Bankruptcy Court in Wilmington, Delaware, that it has between $100 million and $500 million in both assets and debts.

“The debtors’ restaurants primarily are located in some of the areas hardest hit by the mortgage crisis, causing consumers in those markets to cut back on discretionary spending,” Lisa Poulin, ARG’s chief restructuring officer, said in a statement filed with the bankruptcy court.

Several casual-dining style chains have filed for court protection in the past year, including Bennigan’s Steak and Ale restaurants and Buffet Holdings Inc. Pecus ARG Holding Inc., the owner of ARG, and subsidiary ARG Property Management Corp. also filed bankruptcy petitions.

ARG began a Chapter 11 reorganization in 2004 in Los Angeles and its restructuring plan was approved the following year, according to Poulin, a partner at CRG Partners Group LLC, a firm that provides interim management and restructuring advice.

2008 Revenue

Black Angus, which specializes in black angus steaks, prime rib and seafood, was founded in Seattle in 1964 and employs more than 3,600 people. The company projects revenue of $181 million for 2008, according to Poulin.

Some parties have indicated an interest in acquiring ARG’s assets, Poulin said. There are no firm commitments to buy the company or provide financing, she said.

The company said it has $53.1 million in secured debt and $13.2 million reserved for outstanding letters of credit.

As of Dec. 1, ARG had $7 million in trade debt, $15.2 million in outstanding gift cards and certificates and $2.9 million in rent and other property costs. In addition, ARG said it owes $2 million in capital lease obligations and $3.3 million in workers’ compensation and liability insurance

The case is ARG Enterprises Inc., 09-10171, U.S. Bankruptcy Court, District of Delaware (Wilmington).

To contact the reporter on this story: Bob Van Voris in New York at rvanvoris@bloomberg.net.

Last Updated: January 15, 2009 11:20 EST

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Old January 15th, 2009, 05:32 PM
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Re: 1 more victim: Black Angus Steakhouse Operator Files Bankruptcy

I think if they change their name they stand a better chance of recovery
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